Global payments and technology firm Mastercard has formed a multi-year strategic partnership with D-Wave Systems (D-Wave) to boost development and application of quantum computing solutions.

As part of the collaboration, Mastercard and D-Wave will jointly conduct research and development of quantum-hybrid solutions for use in several fields including consumer loyalty and rewards, cross-border settlement and fraud management activities.

The partnership will see the application of D-Wave’s annealing quantum computers and quantum hybrid solvers through Leap quantum cloud service to provide secure and real-time access to quantum applications.

It will be driven by Mastercard’s network, said the company.

D-Wave CEO Alan Baratz said: “We are heralding in the next wave of computing. Just like the creation of the PC, the emergence of the internet and the proliferation of smartphones and voice assistants, it is our belief that quantum will have far-reaching and industry-disrupting impact, especially in the financial services sector.

“D-Wave and Mastercard have a shared vision of harnessing the power of technology to positively affect business and society.

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“This alliance supports that vision by delivering quantum innovation that will tackle increasingly complex problem sets across applications like optimised loyalty programs, fraud management and anti-money laundering in financial services and, ultimately, unlock more value for customers.”

With headquarters in Canada, D-Wave is involved in the development of quantum annealing and gate-based quantum computers.

Mastercard chief innovation officer Ken Moore said: “People expect hyper-personalised experiences.

“Quantum computing’s unique ability to analyse huge numbers of potential combinations can deliver optimal solutions that will improve efficiency and provide choice.

“Our work with D-Wave will explore the endless applications of quantum computing for practical, real-world financial services applications.”

Last month, Mastercard extended an existing collaboration with Paysafe to provide better payout solutions to its merchants in the UK and European Union (EU).